Wheat Futures Plummet Amid Technical Selling Pressure as Soybeans Defy Weakness

Grain markets are experiencing technical selling pressure ahead of key USDA reports. In wheat futures, December Hard Red Winter (HRW) prices fell for three consecutive sessions after reaching a contract high, settling at $8.02 per bushel on Friday.

The ongoing conflict in the Black Sea and developments in Iran continue to influence near-term price drivers, while global export competition shapes the longer-term trend.

U.S. Gulf HRW prices remain elevated compared to global competitors, with Australian and Argentinian prices quoted at $1.34 and $2.42 per bushel below U.S. Gulf values, respectively.

In soybeans, November futures closed at $13.10 per bushel on Friday, down six cents from the previous session. Strong domestic crush demand and weather watch in Brazil contributed to the soybean complex holding up better than wheat.